Table 9 Augmented migration model based on system GMM estimation

\( { nm_{ij,t-1} } \)

0.86^∗∗∗

0.85^∗∗∗

0.87^∗∗∗

0.87^∗∗∗

0.90^∗∗∗

0.84^∗∗∗

(0.002)

(0.006)

(0.006)

(0.003)

(0.002)

(0.003)

\( { \tilde{u}_{ij,t-1} } \)

−1.10^∗∗∗

−0.72^∗∗∗

−0.84^∗∗∗

−0.72^∗∗∗

−0.02

−0.27^∗∗∗

(0.117)

(0.239)

(0.256)

(0.061)

(0.032)

(0.035)

\( { \tilde{y}_{ij,t-1} } \)

−0.23

3.13^∗∗∗

5.28^∗∗∗

1.55^∗∗∗

−1.12^∗∗∗

−0.53^∗∗∗

(0.175)

(0.633)

(0.369)

(0.157)

(0.097)

(0.090)

COMM

−0.10^∗∗∗

−0.06^∗∗∗

−0.04^∗∗

−0.01^∗∗

−0.02^∗∗∗

−0.03^∗∗∗

(0.010)

(0.014)

(0.015)

(0.005)

(0.002)

(0.003)

BW

−0.19

−0.28

−0.85^∗∗∗

−0.39^∗∗∗

0.14^∗∗∗

−0.02

(0.136)

(0.229)

(0.179)

(0.068)

(0.046)

(0.037)

BAY

−0.59^∗∗∗

−0.37

−0.98^∗∗∗

−0.39^∗∗∗

0.05

−0.11^∗∗

(0.193)

(0.261)

(0.237)

(0.077)

(0.056)

(0.052)

BER

1.41^∗∗∗

1.02

0.81

0.59^∗∗

0.02

0.49^∗∗∗

(0.481)

(1.182)

(1.157)

(0.279)

(0.136)

(0.186)

BRA

0.59^∗∗∗

0.37

065^∗

0.71^∗∗∗

−0.18^∗∗∗

0.04

(0.164)

(0.365)

(0.350)

(0.103)

(0.046)

(0.055)

BRE

1.95^∗∗

2.76

−1.37

0.24

0.08

0.39

(0.782)

(2.015)

(0.934)

(0.458)

(0.211)

(0.435)

HH

1.00

1.07

−1.23^∗

−0.41

0.35

0.09

(1.173)

(1.183)

(0.629)

(0.424)

(0.368)

(0.611)

HES

−0.18

−0.33

−0.86^∗∗∗

−0.39^∗∗∗

0.13^∗∗

0.01

(0.209)

(0.248)

(0.198)

(0.072)

(0.058)

(0.057)

MV

0.26^∗

0.41

0.76^∗∗

0.63^∗∗∗

−0.16^∗∗∗

−0.02

(0.133)

(0.288)

(0.312)

(0.084)

(0.048)

(0.059)

NIE

−0.26^∗

−0.17

−0.52^∗∗

−0.06

0.05

−0.08^∗∗

(0.139)

(0.264)

(0.198)

(0.083)

(0.047)

(0.033)

NRW

0.06

0.09

−0.12

−0.05

0.03

0.01

(0.076)

(0.183)

(0.157)

(0.056)

(0.032)

(0.028)

RHP

−1.31^∗∗∗

−0.71^∗∗∗

−0.91^∗∗∗

−0.32^∗∗∗

−0.09^∗

−0.38^∗∗∗

(0.226)

(0.247)

(0.286)

(0.089)

(0.051)

(0.066)

SAAR

−0.11

0.17

0.86

−0.33

0.26

0.06

(0.736)

(1.279)

(1.361)

(0.488)

(0.249)

(0.227)

SACH

0.57^∗∗∗

0.96^∗∗

1.21^∗∗∗

0.75^∗∗∗

−0.34^∗∗∗

−0.08

(0.188)

(0.405)

(0.403)

(0.115)

(0.061)

(0.066)

ST

−0.23

0.13

0.54

0.56^∗∗∗

−0.31^∗∗∗

−0.23^∗∗∗

(0.176)

(0.321)

(0.352)

(0.088)

(0.048)

(0.055)

SH

0.11

−0.22

−0.56^∗∗∗

−0.02

0.09^∗∗

0.06

(0.165)

(0.266)

(0.211)

(0.089)

(0.046)

(0.043)

TH

−0.45^∗

0.46

0.77^∗∗

0.53^∗∗∗

−0.34^∗∗∗

−0.18^∗

(0.256)

(0.306)

(0.360)

(0.102)

(0.067)

(0.102)

No. of obs.

873

873

873

873

873

873

Time dummies (11)

Yes

Yes

Yes

Yes

Yes

Yes

Settlement type (6)

Yes

Yes

Yes

Yes

Yes

Yes